ask: ASK Realty Fund gets nod to set up AIF in GIFT City

ask: ASK Realty Fund gets nod to set up AIF in GIFT City

ASK Real Estate Fund II, sponsored by ASK Property Investment Advisors (ASK PIA), has received an approval from International Financial Services Centre Authority (IFSCA) to set up and manage its first real estate-focused fund of funds as an Alternative Investment Fund (AIF), category III from GIFT City in Gujarat.

This fund will be a pooling vehicle for international funds to invest in funds that will invest the money further in companies or projects. With this, global investors will have an option to invest in India through GIFT City and need not route it through Singapore, Cyprus, Mauritius and other such locations.

ASK Real Estate Fund II is the first fund to secure this approval. The establishment of International Financial Services Centre (IFSC) has made the investment process more efficient and simpler for investment flows from NRIs and global investors into domestic markets.

“Fund houses like ASK will open doors for various NRIs, HNIs and global funds to invest in AIFs at GIFT IFSC. It has become a natural choice for large fund houses to set up offices at GIFT IFSC and to attract offshore funds for investments in India. With this development, the momentum of Indian and global institutions for setting up similar funds at GIFT IFSC is gathering pace,” said Tapan Ray, Group CEO, GIFT City. ASK PIA has also received an approval from the authority to set up a branch office in GIFT City, Gandhinagar.

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